All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted
TEL AVIV, Israel, Feb. 17, 2026 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the fourth quarter of 2025 ending December 31, 2025. Registration links for the Company's earnings English and Hebrew conference call and webcasts can be found at the end of this earnings release.
The entire suite of the Company's 4Q25 financial results can be found on our IR website at https://enlightenergy.co.il/data/financial-reports/ ==============================================================================
Financial Highlights
12 months ending December 31, 2025
-- Revenues and income of $582m, up 46% year over year -- Net income of $161m, up 142% year over year -- Adjusted EBITDA1 of $438m, up 51% year over year -- Cash flow from Operating activities2 of $283m, up 11% year over year
3 months ending December 31, 2025
-- Revenues and income of $152m, up 46% year over year -- Net income of $21m, up 153% year over year -- Adjusted EBITDA of $99m, up 51% year over year -- Cash flow from Operating activities of $75m, up 38% year over year
(1 Adjusted EBITDA is a non-IFRS measure. Please refer to the reconciliation table in Appendix 2. The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company's control and/or cannot be reasonably predicted.)
(2 Interest payments and receipts are classified as cash flows from financing and investing activities, respectively, rather than as cash flows from operating activities. Adjustments were made for the years 2023--2025 following a change in accounting policy; for further details, see Appendix 4 in the Earning release)
Summary of key financial results for 4Q25 and 2025
For the three months ended For the twelve months ended
-------------- ----------------------------- -------------------------------
Dec 31, Dec 31, Dec 31, Dec 31,
($ millions) 2025 2024 % change 2025 2024 % change
-------------- -------- -------- --------- --------- --------- ---------
Revenues and
Income 152 104 46% 582 399 46%
Net Income 21 8 153% 161 66 142%
Adjusted
EBITDA 99 65 51% 438 289 51%
Cash Flow
from
Operating
Activities 75 54 38% 283 255 11%
-------------- -------- -------- --------- --------- --------- ---------
2026 guidance
Financial guidance
-- Total revenues and income3 are expected to range between $755m and $785m,
a 32% increase (at the midpoint) from 2025. Adjusted EBITDA is expected
to range between $545m and $565m, a 27% increase (at the midpoint) from
2025.
Key assumptions underlying the forecast:
-- Approximately 90% of the electricity volumes expected to be generated in
2026 will be sold at fixed prices through PPAs or hedges.
-- Exchange rates are based on 2026 forward curves.
-- Of the projected revenues and income, 39% are expected to be denominated
in USD, 34% in ILS, and 27% in EUR.
Construction and commissioning
-- Expected commissioning of 1.1 FGW4, added to the current operational
component of the portfolio (3.9 FGW), representing approximately $137m of
annualized revenues and income and $107m of annualized adjusted EBITDA.
-- In addition, the company estimates that during 2026 it will begin
construction of projects totaling 3 to 4 FGW, leading to a total capacity
under construction of 6.5 to 7.5 FGW.
-- The operating and under construction components of the portfolio are
expected to total 10.4 to 11.4 FGW by the end of 2026, representing
annualized revenues (year-end 2028) of $1.8 to $2 billion in full
operation.
(3 Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $160-180m.)
4 FGW (Factored GW) is the company's consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5.
Adi Leviatan, CEO of Enlight Renewable Energy: "Enlight concludes 2025 with strong results and clear execution momentum. This year, we once again demonstrated our strength in developing and advancing a broad and diversified project portfolio from the development stages, through construction, grid connection and operations. As we enter 2026, the company expects another year of meaningful growth and strong execution momentum, with an accelerated pace of construction and commissioning, alongside the development of new growth engines. As electricity demand surges and is expected to continue rising, renewable energy is the most cost effective and fastest solution to meet this demand. Under these market conditions, Enlight is well positioned to continue to lead, with a proven global strategy and robust execution capabilities."
Portfolio Review
This quarter Enlight continued to expand its portfolio and advance projects through the various phases of development. As of the earning release date, Enlight's total portfolio is comprised of 20.6 GW of generation capacity and 61 GWh energy storage (totaling 38 FGW), an increase of 26% from the total portfolio of 30.2 FGW at the end of 2024. Of this, the mature component of the portfolio (including operating projects, projects under construction or in pre-construction) contains 6.4 GW generation capacity and 17.5 GWh of storage (11.4 FGW in total), an increase of 33% from the mature component of 8.6 FGW at the end of 2024. Enlight's mature storage component, a primary growth engine for the company, has surged by 105% over the past 12 months.
The growth of the mature component stems primarily from the completion of development for the CO Bar complex, a mega-project and one of the largest in the US. Located in Arizona, the complex comprises five phases with a total capacity of approximately 1.2 GW of solar generation and 4 GWh of energy storage capacity (approximately 2.4 FGW).
-- Enlight has completed the final development milestones for the project,
including the signing of a 1 GW grid connection agreement and a long-term
availability Energy Storage Agreement (ESA) for Phases 4 and 5, which
have a combined storage capacity of approximately 3.2 GWh (approximately
0.9 FGW). Following the achievement of these milestones, Phases 4 and 5
transitioned from the advanced development pipeline to the
pre-construction pipeline, joining Phases 1 through 3 in the mature
component of our portfolio. CODs are expected during the second half of
2027 and the first half of 2028.
-- The total expected investment in the complex is estimated at $2,860 -
$3,010 million, and $1,550--$1,630 million net of tax benefits. In its
first full year of operation, the complex is expected to generate an
EBITDA of approximately $209 - $219 million, with an unlevered project
yield ranging from 13.1% to 13.5%. This yield demonstrates Enlight's
"Connect and Expand" strategy, which focuses on optimizing existing grid
connection infrastructure and maximizing project returns.
As of the earnings release date, Enlight has met Safe Harbor requirements, securing eligibility for US tax benefits for a total capacity of 13.2 FGW. Of this total, 4.3 FGW secured Safe Harbor status within the last three months. This capacity encompasses the entire mature component of the U.S. portfolio (6.4 FGW), as well as approximately 6.8 FGW of projects in the advanced development and development components. In addition, 18 FGW with high likelihood to achieve grid interconnection, having completed the System Impact Study.
The composition of Enlight's portfolio appears in the following table:
Annual revenues &
income run rate(5)
Component Status FGW ($m)
---------------------- --------------------- ---- ---------------------
Operating Commercial operation 3.9 750-770
Under construction Under construction 3.5 700
0-12 months to start
Pre-construction of construction 4.0 600
---------------------- --------------------- ---- ---------------------
Total Mature Portfolio Mature 11.4 $2,050-2,070m
Advanced development 13-24 months to start 6.4 N/A
of construction
Development 2+ years to start of 21.3 N/A
construction
---------------------- --------------------- ---- ---------------------
Total Portfolio 38.0 N/A
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